The FTX estate has taken a substantial step in addressing its debts by selling off around $1.9 billion worth of SOL. This strategic sale involved nearly two-thirds of its SOL holdings, priced at $64 per token, according to Bloomberg sources.
The current price of SOL is $178, however, since these tokens are locked right now FTX estate agreed to a $100 discount to gain buyers’ interest.
Galaxy Trading Steps In with $620 Million Fund
Galaxy Trading, a Galaxy Digital subsidiary, has emerged as a key player, establishing a $620 million fund dedicated to acquiring FTX’s discounted SOL assets. This development indicates a robust interest in the locked-up tokens, with Galaxy Trading charging a 1% management fee for the fund.
The FTX estate’s action to offload part of its SOL inventory reflects the broader effort to stabilize its financial standing post-collapse. With 41 million locked SOL tokens initially in its possession, the move significantly reduces the estate’s holdings and marks a pivotal step in its recovery plan.
As the crypto community watches closely, the implications of this sale on Solana’s market position and the broader digital asset landscape remain a focal point. The transaction underscores the ongoing adjustments within the industry, as entities navigate the complexities following FTX’s downfall.
Also Read: John Ray III earns $1,575/Hr guiding FTX through bankruptcy
